Music Broadcast rises after board OKs buyback

Music Broadcast rose 1.28% to Rs 304.25 at 11:37 IST on BSE after the company said its board unanimously approved a buyback proposal.

The announcement was made after market hours yesterday, 24 July 2018.

Meanwhile, the S&P BSE Sensex was up 31.68 points, or 0.09% to 36,856.78.

On the BSE, 10,000 shares were traded in the counter so far compared with average daily volumes of 4,691 shares in the past two weeks. The stock had hit a high of Rs 310.60 and a low of Rs 302 so far during the day. The stock hit a record high of Rs 458 on 9 January 2018. The stock hit a 52-week low of Rs 282.30 on 18 July 2018.

Music Broadcast said it will purchase its fully paid up equity shares of face value of Rs 10 each, at a maximum price of Rs 385 per share. The buyback shall not exceed Rs 57 crore, representing 9.87% of the aggregate of total paid-up equity share capital and free reserves of the company based on audited financial statements of Company as on 31 March 2018.

Music Broadcast's net profit rose 24.5% to Rs 13.50 crore on 7.6% increase in net sales to Rs 75.68 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 24 July 2018.

Music Broadcast, promoted by Jagran Prakashan, operates radio stations under the brand Radio City. It currently has 39 stations, including 11 newly acquired stations in Phase III auctions.

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